Question: 2014 Date Explanation Debit Dec. Direct materials cost $1,250,000 31 31 Direct labor cost 31 Overhead costs $ 300,000 $400,000 31 To finished goods Credit Balance $1,250,000 $1,800,000 $2,400,000 $2,350,000 $50,000 1) Determine the overhead rate used (based on the direct material cost). 2) Only one job remained in the goods in process inventory at December 31, 2014. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it?
Question: 2014 Date Explanation Debit Dec. Direct materials cost $1,250,000 31 31 Direct labor cost 31 Overhead costs $ 300,000 $400,000 31 To finished goods Credit Balance $1,250,000 $1,800,000 $2,400,000 $2,350,000 $50,000 1) Determine the overhead rate used (based on the direct material cost). 2) Only one job remained in the goods in process inventory at December 31, 2014. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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